Dull trading marks settlement day
Mumbai: The trading activity on the markets became dull mainly on account of the day being settlement day. However, software and refinery stocks attracted buying. The Sensex of the Bombay Stock Exchange shed 35.69 points to close at 4704.99. The S&P CNX Nifty too lost 9.05 points to close at 1399.60.

Zee Telefilms had a new high of Rs 5,959, but closed at Rs 5,857. Sun Pharma too attracted investors. Refinery stocks, BPCL, HPCL and Cochin Refinery, recorded gains. Among the infotech stocks, trading was brisk in Global Telesystems, Ranbaxy, Satyam Computers and Aftek Software.
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Times Bank stocks turn volatile
Mumbai: The Times Bank stock witnessed high volatility on the stock markets following the announcement of the bank’s merger with HDFC Bank. The shares opened on the Bombay Stock Exchange at Rs 21.80 against the previous day’s close of 18.30 and moved up to a new 52-week high of Rs 22. Subsequently, it declined sharply to a low of Rs 15.60 before closing at Rs 17.95. The stock attracted an unprecedented high volume of 42.12 lakh shares valued at Rs 7.73 crore.

The HDFC Bank scrip firmed up from Rs 92 to Rs 99.35.
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BSE hikes B2 business limits
Mumbai: The Bombay Stock exchange has increased its member-brokers’ limit for total net asset business volumes from Rs 30 lakh to Rs 50 lakh in a single B2 group scrip. The exchange has also increased the limit of total business volumes in all the B2 shares from Rs 1.50 crore to Rs 3 crore. The exchange has been considering representations from members for hiking the limits in view of factors like increased turnover in the group, buoyancy in the capital market and expansion of the BOLT terminals.
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3 selected as BSE members
Mumbai: The Bombay Stock Exchange has accepted three bids for fresh corporate membership cards at an average price of Rs 2.3 crore each. The selected bidders are Crescent Finstock (Rs 2.22 crore), MR Share Broking (Rs 2.21 crore) and Opulent Broking (Rs 2.52 crore). The successful bidders will be admitted as members of the exchange after satisfactory documentation and interviews as per rules and regulations of the exchange.
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Unit prices to be announced prospectively
Mumbai: The Unit Trust of India is to start announcing the sale and repurchase price of all its open-ended schemes, barring US-64,on a prospective rather than a historic basis. This is expected to come into effect from the first week of December. UTI sources say the system will benefit unitholders as they will be able to take advantage of the prevailing net asset value.
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FIIs take measures for Y2K bugs
Mumbai: Many of the foreign institutional investors may desist from trading during the period after 15 December for fear of the Y2K bug. A number of   FIIs are understood to have given instructions to fund managers to have extreme care and reduce the exposure to the minimum possible levels. This precautionary step is likely to have an impact on the volumes in trade in the Indian markets. As of now, foreign institutional investors’ exposure in the Indian market is close to $10 billion.
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RBI directive on MF cheque facility
Mumbai: The Reserve Bank of India has directed all banks to ensure that the cheque writing facility offered by commercial banks on money market mutual funds, liquid funds and government securities funds is not used to pay any third party or for cash withdrawal by the investors of such funds. This will mean that unlike a cheque book issued by a bank, which can be used to withdraw cash, cheque books issued by banks to investors in mutual funds can be used only for making account-payee credits. The cheque books issued to mutual funds investors cannot be used to make credit card payment or utility bill payments.
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